Latest Property Casualty Headlines
All the headlines from our Property Casualty Topic Page, ordered by recency.
Mississippi Rebuilds Its Insurance Markets
Nov 16 2008 // Wind Pool Modernization, Better Building Code Enforcement and Carrier Recruitment Efforts Begin to Pay Off Back in January, when Mike Chaney was getting ready to be sworn in as Mississippi insurance commissioner after his...
Washington Not Likely to Focus Much on P/C Agents in 2009
Nov 16 2008 // Insurance Commissioner Mike Kreidler, the 64-year-old Democrat, easily won his third term as Washington state insurance commissioner, defeating Republican John Adams, who owns a Seattle-based insurance brokerage firm 57...
Racicot Steps Down; Pusey Takes Helm as Insurer Group’s CEO
Nov 14 2008 // Gov. Marc Racicot will leave his position as the president and CEO of the American Insurance Association (AIA), effective Feb. 1, 2009. Racicot served more than three years as the leader of the the AIA, a property/casualty...
ING Canada CEO Eyes Acquisitions
Nov 13 2008 // ING Canada is in a good position to make an acquisition and has the financial muscle to acquire pretty well any property and casualty insurer in Canada, the chief executive of the home and auto insurer said...
Mass Mutual, New York Life Reject Government Aid
Nov 12 2008 // Two insurance companies have said they will not participate in the government’s rescue program to directly invest billions in financial companies. Some insurers likely would be eligible under the Treasury...
Texas Enforcement Actions for Sept. 2008 Include $160K in Fines
Nov 11 2008 // The Texas Department of Insurance enforcement actions taken by Commissioner Mike Geeslin that became final during September include ten license revocations, two license denials and fines and restitution totaling...
S&P Outlook Turns Negative on AIG Units, Ratings Downgrade Possible
Nov 6 2008 // Standard & Poor’s Ratings Services has revised the CreditWatch status of its ratings on a number of American International Group Inc.’s P/C subsidiaries and other units with ratings derived from guarantees...
Swiss Re Reports $259 Million Q3 Net Loss: $754 Million 9-Month Profit
Nov 4 2008 // Swiss Re reported a net loss of CHF 304 million ($259.3 million) for the third quarter of 2008, despite what it described as “good technical results for Property & Casualty.” For the first nine months of...
Oregon Insurance Division Administrator Kipper Steps Down
Nov 2 2008 // Oregon’s Department of Consumer and Business Services (DCBS) announced that Scott Kipper, administrator of the Insurance Division, left his position on Oct. 31, 2008, to pursue other interests. Yet before he left,...
Risk Managers Report Price Softening; Insurers Battle Surplus Decline
Nov 2 2008 // Property Premiums Fall Sharply; P/C Insurers Post Q3 Losses; Some Sell Stock to Raise Cash for Surplus Woes Risk managers report that commercial policy renewal prices are continuing to drop even as insurers are battling a...
Commercial P/C Insurers’ Stocks Down 14%; M&A Activity at Historic Highs
Nov 2 2008 // Stock Prices: The turbulent stock market is not sparing commercial property/casualty insurers. Through the first nine months of the year stocks are down 14 percent in the sector. M&A Activity: Despite the current...
The Battle to Preserve Agency/Broker Value
Nov 2 2008 // As economic stagnation and current rate pressure weakens performance and as supply starts to outstrip demand for acquisitions, agencies and brokers must be prepared for deteriorating valuations. As the next few years will...
Property/Casualty Insurers on Government Rescue Funds: No Thanks
Nov 2 2008 // Following reports that the U.S Treasury is considering adding life, bond and mortgage insurance companies to its list of beneficiaries for some of the $700 billion federal bailout package, property/ casualty insurers are...
2008 Insurance Journal Agency E&O Survey at a Glance
Nov 2 2008 // The 2008 Insurance Journal Agency E&O Survey, conducted Oct. 3 through Oct. 16, drew 1,042 respondents from 50 states; there were no respondents from the District of Columbia. The five states with the highest...
The Hartford’s Q3 Loss Reported at $2.6 Billion
Oct 30 2008 // Hartford Financial Services Group Inc. joined other insurers in reporting a loss in the third quarter due to large investment losses and catastrophe claims. The Hartford reported a third quarter 2008 net loss of $2.6...
A.M. Best, Moody’s Affirm CNA Ratings Following Loews Cash Boost
Oct 28 2008 // Responding to news that Loews Corp., the parent company of commercial insurer CNA Financial Corp., will pour up to $1.25 billion into CNA to boost its surplus, rating agencies A.M. Best Co. and Moody’s said...
Travelers, Chubb Protest U.S. Aid for Insurers; Life Insurers Welcome Help
Oct 28 2008 // Property/casualty insurers Travelers Cos. Inc. and Chubb Corp. said they do not need federal financial assistance and chided other insurers pushing to be included in the $700 billion bailout. “Most companies in the...
Island Insurance Selects PipelineClaims as Part of its SOA Strategy
Oct 27 2008 // Best-of-Breed Solution Will Streamline Claims Operations, Enhance Communication Honolulu, HI – October 27, 2008 – BlueWave Technology™, a provider of property and casualty insurance solutions, today...
Survey: P/C Premiums Decline Again as Industry Enters ‘Uncertain Times’
Oct 27 2008 // Commercial property/casualty premiums continued a downward slide during the third quarter of 2008, but there were suggestions the market decline may have leveled off, at least between July and September, for small and...
Loews to Inject $1.25 Billion Into CNA Insurance; CEO to Step Down Early
Oct 27 2008 // The nation’s seventh largest commercial lines insurer, CNA Financial Corp., reported a $331 million net loss for the third quarter chiefly due to catastrophe claims and investment losses and said it will receive...
